The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.
“We can ill-afford cost increases that place us at a disadvantage versus our global competitors,” said the letter signed by Gregory Folley, vice president and chief human resources officer of Caterpillar. “We are disappointed that efforts at reform have not addressed the cost concerns we’ve raised throughout the year.”
Business executives have long complained that the options offered for covering 32 million uninsured Americans would result in higher insurance costs for those employers that already provide coverage. Opponents have stepped up their attacks in recent days as the House moves closer toward a vote on the Senate version of the health-care legislation.
A letter Thursday to President Barack Obama and members of Congress signed by more than 130 economists predicted the legislation would discourage companies from hiring more workers and would cause reduced hours and wages for those already employed.
The left wing media is cheering for all it is worth right now, desperately trying to drag the rotting husk of this monstrous abomination of a “reform” across the finish line. In their frenzy they do not appear to be smart enough to realize that their jobs are on the line, too. When companies have to cut costs, they will cut both employees and a lot of other costs.
Like advertising. The lifeblood of the media.
So the fallout from this horrible, un-American bill will not just cause those good-paying factory jobs to go away.
It will cost the cheerleaders, too. They are too stupid to realize that their skin is in the game, too.